Answer: Amortizing collateral

## Explanation **Credit Card Receivable ABS Features:** 1. **Lockout Period (Option A)**: This is a common feature of credit card ABS where principal payments are not passed through to investors during an initial period, allowing the trust to build up excess spread. 2. **Amortizing Collateral (Option B)**: This is **LEAST LIKELY** to be a feature of credit card ABS. Credit card receivables are revolving in nature - as consumers pay down their balances, new charges are made, maintaining a relatively stable pool of receivables. Unlike auto loans or mortgages, credit card receivables do not have scheduled amortization; they are revolving assets. 3. **Early Amortization Provision (Option C)**: This is a standard feature where if certain triggers are breached (like portfolio performance deteriorating), the structure switches from revolving to amortizing to protect investors. **Key Concept**: Credit card ABS are backed by revolving receivables, not amortizing loans. The collateral pool constantly changes as old balances are paid and new charges are added, which is fundamentally different from amortizing collateral like auto loans or mortgages where the principal balance declines predictably over time.

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